CWB takes delivery of its first Equinox laker

CWB Marquis CWB Marquis

NOVEMBER 11, 2014 — Canada's CWB (formerly the Canadian Wheat Board) reports that it has taken delivery of the CWB Marquis, the first of its two Equinox class laker vessels. The bulker which is now in international waters sailing east across the Pacific Ocean from China to North America. The ship is expected to reach the Saint Lawrence Seaway via the Panama Canal and the Atlantic Ocean by the end of December, 2014.

The vessel is named for the historic "Marquis" wheat variety, the first wheat variety bred specifically for the short Canadian growing season. Its consistent high quality and yield set the stage for Canada to become a first-class wheat exporter.

"Marquis wheat has a long and distinguished history on the Prairies and we are proud to name CWB's first laker vessel in honour of its legacy," said CWB president and CEO Ian White. "Almost every variety of wheat grown on the Prairies since the beginning of the 20th century can be traced back to Marquis wheat."

The 39,400 dwt, 225.55 m × 24 m Equinox class vessels are the next generation of Great Lakes bulk carriers with the ability to carry more cargo, sail faster and consume less fuel than their predecessors. The ships are also more environmentally friendly with exhaust scrubbing systems designed to remove 97 per cent of sulfur oxide emissions generated by the vessel engines. The CWB Marquis is the third Equinox class vessel constructed at Nantong Mingde Heavy Industries shipyard in Jiangsu province, China. The first two - the Algoma Equinox and the Algoma Harvester - were delivered to Algoma Central Corporation.

The second CWB vessel is scheduled to be completed in early 2015 and both laker vessels will be managed and operated by Algoma Central Corporation within their vessel pool. The ships will be used extensively to carry grain eastward out of Thunder Bay, and iron ore on the return trip from seaports back into the Great Lakes.

"Our investment in state-of-the-art lakers complements CWB's growing list of assets, and the ships will play a strategic role in an integrated grain handling supply chain," said Mr. White. "All of our assets are key to ensuring our Farmer Equity Plan is an attractive reason for farmers to choose CWB as their marketing partner."

"Algoma is very excited about the partnership with CWB and is looking forward to managing the vessels and providing continued quality service to our customers," said Algoma CEO Greg Wight.

Want more? Subscribe now!

News from NASDAQ